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* Sri Lanka Central Bank may take legal action if commercial banks do not reduce interest rates
Sat, Jul 19, 2014, 01:36 pm SL Time, ColomboPage News Desk, Sri Lanka.

July 19, Colombo: The Central Bank of Sri Lanka has the authority to resort to legal action if commercial banks do not further reduce their interest rates in line with the stipulated rates, Central Bank Governor Ajith Nivard Cabraal has said.

A recent survey conducted by the Central Bank has found that the commercial banks could further reduce their interest rates in line with low interest rates maintained by the Central Bank.

Central Bank Governor has said that the Central Bank had twice requested the commercial banks to reduce their interest rates and several banks had already responded and done so but some banks have not lowered their rates.

He has also pointed out that interest rates could only be reduced to a certain extent so as to maintain a balance between the deposit and lending interests.

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